Politics

‘Our Claims Are Verifiable’ – NNPCL Denies Involvement In ₦3.3tr Subsidy Fraud

The Nigerian National Petroleum Company Limited (NNPC Ltd) says media reports that it inflated petrol subsidy claims by ₦3.3 trillion naira are untrue.

The position of the NNPCL was made known in a statement on Monday by its chief corporate communications officer, Olufemi Soneye.

He argued that all records of subsidy transactions and claims by the NNPCL in dealings with the federal government are transparent and verifiable. He also added that the businesses of the company are guided by international best practices.

Advertisement

CityNews reports the NNPCL spokesperson made the submission in reaction to claims that a forensic investigation revealed a notable inconsistency in the fuel subsidy claims filed by the company.

The audit was said to have uncovered that NNPCL had inflated its fuel subsidy claims by a staggering ₦3.3 trillion.

Advertisement

However, Soneye said NNPC Ltd is neither aware of any audit of its subsidy claims nor probe and, therefore, designates the claims as ridiculous and products of the reporters and their respective media houses’ imagination.

The statement reads in part: “The Nigerian National Petroleum Company Limited (NNPC Ltd) notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3trillion, and wishes to state that:

Advertisement

“NNPC Ltd conducts its businesses accountably and transparently in keeping with international best practices and has, at no time, inflated its subsidy claims with the federal government.”

It added: “All previous subsidy claims by the Company are verifiable as relevant records and documents have been sent to relevant authorities and agencies.

Advertisement

“NNPC Ltd is neither aware of any audit of its subsidy claims nor probe ensuing therefrom and wishes to state categorically that both ridiculous claims are products of the febrile imagination of the reporters and their respective media houses.

“NNPC Ltd will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on a commercial basis and the express provisions of the Petroleum Industry Act (PIA).

Advertisement

“It is on record that in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra, NNPC Ltd. has, on several occasions, independently invited external auditors to review its books.

“NNPC Ltd calls on media practitioners and media houses to exercise restraint and verify information before publication in keeping with the ethics of the noble profession of journalism to avoid misleading the public.”

Advertisement
citynews

Recent Posts

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

2 hours ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

5 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

5 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

6 hours ago

Prince Harry and Meghan Markle pursue separate projects

A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…

8 hours ago

#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election

PHILADELPHIA/GRAND RAPIDS, Michigan (Reuters) -Donald Trump and Kamala Harris both predicted victory as they campaigned…

8 hours ago